Section 2612. Agreement with the park district

1. The specific terms of the
  agreement  shall not exceed twenty years and shall be negotiated between
  the authority and the park district with respect  to  all  participating
  olympic facilities owned by the park district, and shall include but not
  be  limited  to,  the  ski  jump facilities located at Intervale and the
  speed skating and arena complex located in the village of Lake Placid.
    2. The agreement between the authority and  the  park  district  shall
  provide the following:
    (a)  The  authority  shall receive the participating olympic facility,
  including any personal property and equipment owned by the park district
  and used solely in connection therewith, which is the subject matter  of
  the  agreement  in  its condition at the time of the commencement of the
  agreement.
    (b)  The  authority  shall  agree  to  continue  to  provide  at   the
  participating  olympic  facility  the space, facilities and the level of
  local  recreation,  including  youth  sports  training,  promotion   and
  programming,  as  was  provided  by  the  park  district during the year
  immediately preceding the execution of the agreement.
    (c) The authority shall comply with (1) all agreements existing on the
  effective  date  of  this  title  affecting  the  participating  olympic
  facility,  provided such existing agreements are listed in the agreement
  with the park district, and (2) all agreements entered into by the  park
  district  after  the  effective  date  of  this  title  which affect the
  participating olympic  facility,  provided  such  agreements  are  first
  approved by the director of the budget.
    (d)   Upon  termination  of  the  agreement,  the  personal  property,
  including replacements and/or substitutions therefor, which is owned  by
  the  authority  and  used  solely  in  connection with the participating
  olympic facility which is the subject matter of the agreement shall pass
  to and be vested in the park district. Such personal property  shall  be
  accepted  by  the  park  district  in  its condition at the time of such
  termination.
    (e) The authority shall maintain and keep  the  participating  olympic
  facility,  including  the personal property and equipment used solely in
  connection therewith, in good repair, provided that the authority  shall
  not  be  required  to  repair  any  damage  to the participating olympic
  facility, including the personal property and equipment used  solely  in
  connection therewith, existing at the time the authority enters into the
  agreement unless funds are made available to the authority therefor.
    (f)  The  authority may make improvements to the participating olympic
  facility to the extent that federal funds are made  available  for  such
  purpose.
    (g)  The  authority may terminate its agreement with the park district
  if the park district fails to carry out all of  the  provisions  of  the
  agreement  or  fails to appropriate and pay (1) in the first full fiscal
  year of the authority following the execution of the agreement an amount
  to be agreed upon by the park district and the authority,  which  amount
  shall  be equal to the total cost of operating the participating olympic
  facility which is the subject matter of the agreement in the first  full
  fiscal  year of the park district immediately preceding execution of the
  agreement, less all income  received  by  the  park  district  from  the
  operation of the participating olympic facility in such year; and (2) in
  each fiscal year thereafter an amount equal to the appropriation made to
  the  authority  as provided in subparagraph one of this paragraph in the
  first full fiscal year following execution of the agreement,  plus  such
  amount multiplied by the percentage increase of the park district's full
  tax  assessment  of  real  property  within  its taxing district for the
  fiscal year for which the  appropriation  is  made  over  the  full  tax

  assessment  in  the  first  full  fiscal year following execution of the
  agreement.
    (h)  The park district and the authority shall agree on the dates that
  the park district shall provide such appropriation to the authority.
    (i) The park district may terminate its agreement with  the  authority
  if  the park district fails to approve the budget of the authority as it
  pertains to the operation of participating olympic facilities or if  the
  state fails to appropriate and pay funds as provided in paragraph (g) of
  subdivision two of section twenty-six hundred fourteen of this title.